The Strategist

European banks successfully test blockchain-based transaction platform

07/04/2018 - 12:49

A group of European banks stated that it conducted a number of real-time financial transactions using a jointly developed blockchain-based digital platform, reports Coindesk.

Financial transactions were carried out in real time during the last five days between 10 companies. The project involved four banks that used the blockchain technology.

"As moved from pilot applications to real cross-border operations, it demonstrated the power of the blockchain technology," Parm Sangha, a blockchain lead at IBM, said in a message. blockchain-based platform was created on the basis of IBM’s digital platform and its technology Hyperledger Fabric. The development was supported by Deutsche Bank, HSBC, KBC, Natixis, Nordea, Rabobank, Santander, Societe Generale and UniCredit in order to improve efficiency of cross-border financial transactions, Coindesk reported.

Currently, operates in 11 European countries, but the project’s participants expect further expansion of geography. Chief Operating officer of the platform Roberto Mancone has already informed that the next step will be attraction of new banks and their clients both in Europe and abroad.

The blockchain technology is a system for organizing a distributed database. In particular, this technology operates a database where information on bitcoin transactions is stored. According to some experts, the technology allows to seriously optimize costs of business and governments. In particular, it helps to make online payments, promptly confirm relevance of customer or transaction data, register transactions and keep the records.